Bullions counter may trade on weaker path as yellow metal prices held near three-week lows on Thursday after a larger-than-expected increase in U.S. private payrolls in July fuelled bets on more monetary policy tightening and boosted the dollar and bond yields. Gold can move in range of 59200-59600 while silver also can move in range of 72000-73500.
Bullions counter may trade on weaker path as yellow metal prices held near three-week lows on Thursday after a larger-than-expected increase in U.S. private payrolls in July fuelled bets on more monetary policy tightening and boosted the dollar and bond yields. Gold can move in range of 59200-59600 while silver also can move in range of 72000-73500. The U.S. dollar index rose to a four-week peak on Wednesday and benchmark 10-year Treasury yields were at their highest since November after data showed U.S. private payrolls rose by 324,000 jobs last month. Markets also digested Fitch’s downgrade of the U.S. credit rating, with investors saying they expect long-term unease about the country’s debt position, political polarisation and the global standing of the dollar.
In base metal counter, Copper can trade on negative path as it can move in range of 732-742. China’s imports of refined copper fell to a four-year low in the first six months of 2023, underlining the sense of stalled momentum in the world’s manufacturing powerhouse. The country is the world’s largest buyer of refined copper and its loss of import appetite has dashed hopes for a turbo-charged rebound from last year’s stringent COVID-19 restrictions. Zinc may remain on sideways path as it can move in range of 217-225. Aluminum can move in range of 198-204.
ENERGY: Crude oil may trade on subdued path as it may move in range of 6500-6700. Recently markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch’s downgrade of the U.S. government’s top credit. On Tuesday, ratings agency Fitch downgraded the U.S.’s long-term foreign currency ratings to AA+ from AAA, reflecting expected fiscal deterioration over the next three years as well as concerns over a high and growing general government debt burden, political polarisation and the international status of the U.S. dollar. U.S. crude stocks fell by a record 17 million barrels last week as refiners stepped up runs and exports topped 5 million barrels per day (bpd), the Energy Information Administration said on Wednesday. The next market monitoring committee meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, is to be held on Aug. 4. Natural gas prices may tumble further lower as it may move in range of 200-220.
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